Recently, I have made a withdrawal from my Versa Cash account. I would like to share my experience here.
Timeline
I made the withdrawal request on 19 February (Sunday) at around 8.30am. The request was processed by Versa on the same day. However, as it is a non-working day, my withdrawal request was processed by the fund company on the next day. I thought I would receive the money in the morning of Tuesday. However, I only received it after 5 pm. Overall, it is still T+1 as stated in the fund company email.
Conclusion
So, it takes at least two days to receive the money (including the withdrawal request day). It does serve its purpose as this is my second line of emergency fund. My first line of emergency fund is my bank fixed deposits. Fixed deposits are used first and depending on the situation, I would withdraw from Versa Cash account if necessary.
My third line is ASNB fixed price funds. These funds provide higher dividend than fixed deposits and Versa Cash. However, there are some limitations to its withdrawal. Thus, they are my last resort. I put most of my emergency fund in these funds to earn higher return.
In conclusion, Versa Cash withdrawal timeline is acceptable to me.
On a side note, the minimum deposit for Versa Cash is RM 10 now. The reason provided by Versa is to manage costs more efficiently. I think RM 10 is still acceptable as it is not prohibitively high.
Referral code
If you are interested to open an account with Versa, do use my referral code (993Q8XD2). Both of us will receive a RM 10 reward if you make a first minimum deposit of RM 100. Go to this link to register now!
You can also check Versa website to see if there is any other promotion that you think is more worthwhile before signing up.
